Central Board of Direct Taxes (CBDT) has notified amendments to income tax rules.
CBDT has notified these amendments to simplify the process of claiming credit for TCS collected and TDS deducted for salaried employees.
The amendments has also been notified to enable the claiming of TCS credit for minors in the hands of their parents.
The Income Tax Act regulations have been modified to allow tax deductions for salaried employees for any tax that is collected or deducted at source.
Additionally, when the minor collectee’s income is combined with their parent’s, the laws now permit the credit of TCS to an individual other than the collectee, such as the child’s parent.
Form No. 12BAA has been introduced as the prescribed statement of particulars required to be furnished by employees.
